Lagos State Governor Babajide Sanwo-Olu, yesterday laid the foundation of the Akwa Ibom State government’s 18 storey multipurpose building called Ibom Towers in Lagos.
He said the landmark project, at Plot 868A, Bishop Aboyade Cole, Victoria Island, represents not only physical growth but a symbol of inter-state collaboration and shared prosperity.
Sanwo-Olu, who praised what he called the bold move made by Governor Umo Eno for identifying Lagos as a good place to invest, said Akwa Ibom State’s investment in Lagos will strengthen the relationship between the two states and grow their revenues.
Ibom Towers, located in the commercial heart of Victoria Island, Lagos, when completed, is expected to be a good revenue source for Akwa Ibom State. The project is expected to be delivered in the next 24 months.
Sanwo-Olu said: “The decision by Akwa Ibom State to embark on this ambitious venture here in Lagos is a testament to the dynamism of our great city as a commercial hub and to the visionary leadership of Governor Umo Eno. This groundbreaking affirms our commitment to welcoming and fostering projects that strengthen economic ties and create new opportunities across our regions.
“As Ibom Towers rises, it will serve as a beacon of the fruitful alliance between Lagos and Akwa Ibom, creating a unique space that encourages business, investment, and vibrant community life. Projects like this one are the embodiment of our collective vision for Nigeria’s growth, driven by creativity, collaboration and a commitment to excellence.”
Governor Umo Eno, said his state decided to invest in real estate, particularly in Lagos, to grow Akwa Ibom State economy and increase its revenue base.
“In our determined effort to grow more means of income and deepen our investment portfolio, we are here to perform a groundbreaking ceremony of this 18 storey Ibom Towers,” he said.
Eno, who said he had been a follower of President Bola Tinubu’s leadership when he was Governor of Lagos State, noted that the right reform he took in Lagos State grew the state economy, and it became the best-performing state in Africa.
He noted that this is an investment for the future. He said the rationale behind this project is the desire to tap into the bullish Lagos property market and convert hitherto moribund state-owned property into commercial investments and earn income for the state.
“This foundation laying for the construction of this iconic building signposts our determination to play in the bullish real estate market in Lagos,” Eno added.
Former Governor Obong Victor Attah, said he had wanted to embark on the project when he was in the saddle but couldn’t execute it because he did not get the support of the relevant stakeholders.
Attah urged Eno not to give attention to those who may accuse him that instead of developing his state, he is developing another person’s state, noting that the value of land and building in Lagos is not the same as Akwa Ibom.
“Don’t pay attention to those who may blame you for not developing your state by building such property in your state. The value of land here in Lagos is far above that of Akwa Ibom State. You have a vision. The future belongs to those who have the audacity to see the future before it becomes a reality,” he said.
On the importance of the Ibom Towers, the Managing Director of the Akwa Ibom State Investment Corporation, Pastor Imoabasi Jacob, said the tower is an investment meant to increase the Internal Generated Revenue (IGR) of the state and create more value for the future.
He noted that the conception of the project rests on the three ‘R’s of Redemption, Remediation and Restoration of the once abandoned property for better economic use and spread of prosperity to the citizenry.
“Government will recover all moribund property owned by the state and convert them into investments that would yield returns and increase the state’s internally generated revenue (IGR).
“It is wholly financed by the Akwa Ibom State government and is purely an investment for future IGR, a store of value and preservation of the commonwealth of the citizens of our state,” Pastor Jacob said.
The land on which Ibom Towers is to be cited measures approximately 2,191 square meters and was acquired over 30 years ago. It had served as the Akwa Ibom governor’s office annex in Lagos, and became dilapidated after it was abandoned by previous governments.
Ibom Towers is designed to have 32 residential apartments consisting of 10 units of one and two bedroom apartments, nine units of three bedroom apartments and three units of four bedroom sky residence (penthouse apartments) on two levels, all with servants quarters.
The project which has a 24-month completion timeline will feature suspended swimming pools, multi-level parking for up to 102 cars, a restaurant, bar, three meeting rooms and six dedicated access-controlled lifts.
The Akwa Ibom Commissioner for Information, Comrade Ini Ememobong noted that the project is strictly a business undertaking.
“The philosophical underpinning of this project is the conversion of dormant asset into an intended money making venture.”
Drawing on Christian teachings on timing, the Commissioner noted that this is the right time for this project.
“The atmosphere is right. The economy is challenging and you have a governor who is investment- driven and understands that we can convert this place into a profit making initiative.”
To critics of the project, the Akwa Ibom State governor asked them to look at the value of the Nigerian House in New York today.
“The Nigerian House in New York was conceived by visionary leaders and today, it has defined the New York skyline.”
He noted that Ibom Towers, Lagos, is a project that would stand the test of time and be a source of pride to generations yet unborn.
The immediate past governor of Akwa Ibom, Pastor Udom Emmanuel with former governors Victor Attah and Senator Liyel Imoke of Cross River, attended the event.
Oniru of Iruland, Oba Abdulwasiu Omogbolahan Lawal, the Elegushi of Ikate, Oba Saheed Ademola Elegushi and the President – General of Akwa Ibom State Traditional Council, Ntenyin Solomon Etuk graced the occasion.
